ISLAMABAD: The finance ministry will send a summary to reduce the prices of petroleum products for next fortnight on Wednesday, July 13, 2022, Finance Minister Miftah Ismail said on Tuesday.
Earlier, Prime Minister Shehbaz Sharif directed the ministries of petroleum and finance to prepare the summary to reduce prices of petroleum products to provide relief to the masses.
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The government has decided to reduce the prices of petroleum products in the wake of massive fall in prices of crude oil in in the international markets.
“After receiving the summary from the petroleum division, we will try to send it to the PM House,” Miftah Ismail said while talking to a private TV channel.
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He said, prices of petroleum would be reduced on the directives of the prime minister for public interest.
The prime minister, he said, sincerely wanted to give the benefits of low petroleum prices in the international market to people without any delay.
INFORMATION FROM REUTERS:
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Global benchmark Brent crude tumbled $7 to below $100 a barrel on Tuesday on a strengthening dollar, demand-sapping COVID-19 curbs in top crude importer China, and rising fears of a global economic slowdown.
“The sharp drop followed a month of volatile trading in which investors have sold oil positions on worries that aggressive interest rate hikes to stem inflation will spur an economic downturn that will pull the rug out from oil demand,” according to the international news agency.
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Brent crude futures were down $7.21, or 6.7 per cent, at $99.89 a barrel by 1:46 p.m. EDT (1746 GMT). U.S. West Texas Intermediate crude was down $7.80, or 7.5 per cent, at $96.30.
